Ferrari sees profit rise in 2012 – CEO image

Ferrari, the Italian sports carmaker expects to boost its profit in 2012 despite the actual conditions in Europe, and has no plans for an IPO, CEO Luca di Montezemolo told Austrian magazine Profil.

“We delivered 2011 net profit of more than 600 million euros ($752 million) and I assume that we will surpass this already excellent result this year,” Luca di Montezemolo told Profil in an interview published on Monday.

Ferrari’s first-quarter revenue rose to 556.1 million euro (+13.2 per cent) and 1,733 cars were delivered to the dealership network, an increase of 11.5 per cent on the same period last year.

These results are the fruit of the success of the 12-cylinder FF and the continuing popularity of the 8-cylinder models, most notably the Ferrari California, which is the company’s best-selling GT, and the coupe and spider versions of the 458 which top the sports car segment.

On the same time, Ferrari’s industrial net cash position on March 31st was the strongest in its history at over 860 million euro. This was achieved despite keeping product investment extremely high and thanks to a net cash flow for the first quarter of 152 million euro.

Ferrari now has 50 stores in the world, including its newest outpost in Madrid, which is due to officially open at the end of the month.